The growing demand for convenient and quick preparation of food products will continue to impact growth of the global market. In addition, the surge in consumption of on-the-go products is further projected to rev up demand for frozen soup globally. In fact, the global frozen soup market is projected to reflect a CAGR of 5.8% over the forecast period, according to a report by Fact.MR, Rockville, Md.
Factors fueling growth of global market
Growth of the global frozen soup market is likely to be bound by several macro-economic and micro-economic factors. Consumption of frozen soup products is likely to increase due to the surge in demand for on-the-go food products.
Demand for frozen soup will also continue to increase thanks to its ever-increasing healthy ingredients.
Furthermore, major players in the frozen soup category focus on developing new products, expanding product lines and investing in product innovation and research and development.
However, increasing availability of alternative products such as canned soup is projected to inhibit growth of the global market of frozen soup market during the forecast period.
Vegetarian classic represents major segment
Increasing preference for vegetarian soup has revved up demand for the vegetarian frozen soup products globally. The vegetarian classic soup is projected to sell more than other frozen soup products. Currently, the vegetarian classic soup is projected to represent more than $8 million by 2022. In addition, the vegetarian classic soup is projected to reflect a relatively high CAGR through 2022.
By sales channel, the wholesale/distributor/direct segment is projected to represent the highest growth in terms of revenue, recording more than $8 million by 2017. Sales of the frozen soup is projected to witness a relatively fast growth through online stores in the global market through 2022.